nick205
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| posted on 5/1/16 at 08:48 AM |
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Paying tax on savings interest?
A question for the LCB body...?
Is there a way to inform your bank/building society that you're a higher rate tax payer and have them deduct the correct amount of tax from
interest payments or do you have to do it through HMRC self assessment routines?
Personally I'd rather it be taken care of by the bank at source, but I suspect it's an HMRC self assessment routine :-(
Any help appreciated!
ETA...I should add that HMRC fill me with utter dread. If they could answer the phone and talk sense it would help a lot.
[Edited on 5/1/16 by nick205]
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sprintB+
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| posted on 5/1/16 at 10:15 AM |
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I'm afraid its HMRC, but it may pay you to talk to your bank. I have been self employed for years and my accountant took care of it, however
I'm now trying to fold it all up. HMRC have been very good, but I've been clobbered by VAT for going over the thresh hold. Means I have to
stick at it for another 6 months. I'd be keen to know how you get on as I may be in the same boat now that I've sold off most of my
machinery etc. and its in the bank. I may visit my bank and pose this very question.
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nick205
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| posted on 5/1/16 at 10:21 AM |
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Thanks Sprint - I bank with Halifax and they're not forthcoming with email addresses so it may mean going to see them 
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russbost
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| posted on 5/1/16 at 10:22 AM |
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Don't think there is any way to get it deducted at source, tho' I seem to remember that as from this April the first £1000 of interest is
tax free? Not sure if that's the same for higher rate tax payers.
HMRC now appears to be run by school children, if you are actually able to talk to a human being rather than a machine count that as a bonus!
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nick205
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| posted on 5/1/16 at 10:26 AM |
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quote:
Originally posted by russbost
HMRC now appears to be run by school children, if you are actually able to talk to a human being rather than a machine count that as a bonus!
He he he - "run by school children" about sums it up as far as I'm concerned!
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Bluemoon
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| posted on 5/1/16 at 10:30 AM |
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The assessment web forms a quite good, simple enough once mastered, I don't thing a LCB would need an accountant for filling in the bank
interest section. The only snag is you need to register in time for the particular tax year for the first year you need to do the self assessment.
If your tax is not to complicated you can use a accountant for year 1 then take a look at what they have done on the forms, once understood you should
be able to do it yourself next time around.
Dan
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nick205
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| posted on 5/1/16 at 10:44 AM |
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Thanks Dan - I've done it online for the past 2 years and look forward to this years experience.
You're correct in that it's not overly hard, just would be easier if the bank could do their bit as well.
[Edited on 5/1/16 by nick205]
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